With today's House passage of H.R. 1 (the 494-page statutory language, as passed by Congress today, can be found here), President Trump will soon be signing into law the most significant revision of our nation's tax laws since 1986.
While the precise bill signing date remains uncertain (and a post-January 1 signing appears more likely), what is clear is that the law will have profound and far-reaching effects. The vast majority of the changes take effect in less than two weeks (on January 1). Taxpayers and the IRS will have to adjust withholding amounts, estate plans will have to be revisited, compensation arrangements reviewed, and business structures reanalyzed in light of the new law.
To assist in understanding how the tax overhaul may affect your individual taxes, business taxes, or your organization, we have prepared the following analysis, which compares the key proposals to present law. The analysis covers six tax policy areas: Individual Provisions (tax rates, exemptions, and personal deductions); Individual Provisions (itemized deductions and credits); Business Provisions; International Provisions; Employee-Related Provisions; and Compensation, Tax-Exempt Bonds, and Exempt Organizations.
If you have any questions, please contact Sam Olchyk or any of the authors of this alert, and we will be happy to discuss the legislation in greater detail.